Snap Fact #125

Post date: Mar 09, 2012 4:45:23 PM

Snap Fact #125


President Obama Consistently Supports The Small Business Sector! 

In 2009 President Obama authorized the federal government to make more loans available to small businesses and ordered lower rates for federal loans to small businesses including the signing of a temporary extension of the Small Business Act March 20, 2009.

In order to help America come out of the recession, rather than pumping money into big Wall Street corporations, President Obama supported and encouraged small business so that there would be more competition in the market and more jobs created to activate the economy. 

On September 27, 2010, the President pushed Congress to pass a bill which he signed into law. The Small Business Jobs Act made more loans available to 1,400 small businesses and ordered lower rates for federal loans to small businesses. The President also provided a $30 billion small business lending fund. He also pushed Congress to offer tax breaks for small businesses. “Now this is important because small businesses produce most of the new jobs in this country. 

They are the anchors of our Main Streets. They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world,” said the President.

The President's effort has been unflagging in spite of a resistive opposition. As recently as Jan 31, 2012 President Obama sent his "Startup America Legislative Agenda" to Congress. This legislation would eliminate taxes on capital gains in investments in small businesses and provide a 10 percent income tax credit on new payroll to incentivize hiring, among other measures. Calling for an “all-hands-on-deck approach” to promote small business growth, the president also directed the members of his Cabinet to put forward their own initiatives to “enhance the ability of entrepreneurs to get up and running.” 

Although there is much to attract Republicans in this package the proposed legislation is still not acted upon.